By Amrith Ramkumar Close Amrith Ramkumar and Caitlin McCabe Close Caitlin McCabe Updated Nov. 4, 2020 4:36 pm ET Wall Street is reacting to election results as they come in, driving a big rally in stocks Wednesday.
With Republicans scoring key Senate victories so far, those fears were abating, pushing up the tech-laden Nasdaq Composite almost 4%. Traders were also anticipating a smaller coronavirus stimulus package and slower economic recovery, making the steady growth of technology companies more attractive. “I don’t think people are necessarily bullish on health care,” said Chris Zaccarelli, chief investment officer of North Carolina-based Independent Advisor Alliance. “We’re just getting a relief rally.”
Banks Shares of banks were among the market’s worst performers Wednesday, with the S&P 500 financials sector dropping 1.3% as Treasury yields slid. Bank stocks tend to track the trajectory of the economy, so expectations for a Democratic sweep and large stimulus package had also supported the group. And falling yields tend to hurt banks, compressing the gap between what they pay on deposits and charge on loans.
Renewable energy and defense stocks Renewable energy companies like Sunrun Inc. and NextEra Energy Inc. also trailed the broader market on Wednesday, with traders viewing ambitious spending plans to fight climate change as less likely. Meanwhile, defense stocks from Northrop Grumman Corp. to Lockheed Martin Corp. surged, with large cuts to military spending also appearing less likely to some analysts.
Biden isn’t America’s hope, he’s a pawn for the foreign powers and a puppet for the left.
Stock jumped because the polls on Nov 3rd fully leaned to realDonaldTrump , he has won all swing states and Pan Dems states. Now He still ahead and Biden maxed out his electoral vote already (Biden need to win Neveda but he lost it already)...
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Because covid won’t be useful anymore to the most evil ppl across the globe and domestically that conspired against America. America will be open! Rally rally!
Once Biden is sworn in we can get the country to return to normalcy
Oh, I’d say several years.
Yes but think also of the great relief to the climate of the curtailment of travel! Covid has done wonders for the climate and environment. Maybe now is time for humans to re-think their expectations in life! Save the planet and change all lifestyles for good!
Maybe it's bcuz our democracy was saved by electing Biden?
Cuz biden is winning.
Optimism
good